I was watching a video from Al Sharpton’s MSNBC show on Breitbart TV about the Democrat talking point of having millionaires and billionaires needing to pay their fair share (never mind how this would affect other people who don’t make as much) and it struck me that in all of the talk on the subject, there appears to have been no talk about how much they actually pay in dollar terms. So I decided to look at the actual money paid and see whether it is fair or not.
First, we’ll use the same median that Sharpton used: $43,000 per year in the congressional district of his guest, Representative Tim Huelskamp.
Next we’ll use the percentage rate of 30% that Sharpton said was unfair to people making this amount. This works out to nearly $13,000. Which is a big chunk for a family, but less if you don’t have a family.
Now, let’s take a look at Mitt Romney’s much ballyhooed 15% rate. He had $21,646,507 in 2010. He paid 13.9 percent in taxes which comes out to, rounding up to 14%, $3,030,511 in real money going to Uncle Sam.
Let’s look at the theoretical couple/family who make around $100,000 in Sharpton’s example of Huelskamp’s district. Their tax, under that 30% rate would come to $30,000.
What things change across these examples? The amount of disposable income certainly. But this is not the point. The point Democrats keep repeating is that somehow people paying more in taxes at a lower rate is unfair to people paying less in taxes at a higher rate. Let’s compare those two rates and the amounts paid:
Romney at 14% 30% of $43,000 30% of $100,000
$3,030,511 $13,000 $30,000
So what do these numbers really mean? It means that Romney is paying the equivalent 235 times (approximately) of the person giving up the $13,000. The other way to look at it is that he’s paying for 234 people who don’t pay taxes at that rate. For the couple making $100,000 that changes to about 104 people.
These are the numbers that we need to understand if we want to debunk the myth that somehow millionaires and billionaires do not pay their “fair share.” They not only do, with some exceptions I’m sure, but they also pay for those who don’t pay income taxes at all – and THAT statistic, reported by the IRS stands around 48%.
So it really begs the question of Al Sharpton asked by Rep. Huelskamp, “What’s your income?” – a question he refused to answer. It’s not a question of fairness that is actually being raised by Al Sharpton, President Obama and the Democratic Party, but of redistribution of a person’s earned money. If the Democrats pretend otherwise, then they lie to the people they claim to be helping.